T. Rowe Price shares rocket higher after deal where Goldman will invest $1 billion in asset manager
The T. Rowe Price Technology Development Center in New York, US, on Monday, May 1, 2023.
Bing Guan | Bloomberg | Getty Images
T. Rowe Price shares rallied Thursday after the asset manager struck a $1 billion deal with Goldman Sachs to sell private-market products to retail investors.
Goldman will buy up to $1 billion in T. Rowe Price common stock through open-market purchases with the intention to own up to 3.5%, according to the announcement. The two financial firms will team up to offer wealth and retirement funds that give access to private markets for individuals, financial advisors, plan sponsors and plan participants.
T. Rowe Price shares popped 10% in morning trading Thursday.
“This investment and collaboration represent our…
